An education loan is a form of financial aid that must be repaid, with interest. Education loans come in three major categories: Federal Direct Loans, Federal Direct PLUS Loans, and Private Education Loans (also called alternative student loans).
Private Education Loans help bridge the gap between the actual cost of your education and the limited amount the government allows you to borrow in its federal programs. Private education loans tend to cost more than the education loans offered by the federal government, but are less expensive than credit card debt. Since federal education loans are less expensive than and offer better terms than private student loans, you should exhaust your eligibility for federal student loans before resorting to private student loans. BORROW FEDERAL FIRST !! For a comparison between federal loans and private loans please visit http://studentaid.ed.gov/types/loans/federal-vs-private.
A list of Private Education Loans can be found at:
This page provides a basic comparison chart that highlights the key characteristics of the major Private Education Loans. We encourage you to review the information from multiple lenders before you make a decision on the loan that is right for you. Loan applicants are not required to use these lenders and may select any participating lender of their choice.
Implemented in February 2010, the Truth in Lending Act has new provisions that have resulted in a number of changes in regards to applying for and receiving private or alternative student loans. Lenders who provide these loans must comply with the following:
Your loan cannot be disbursed until your lender receives your Applicant Self-Certification Form.
Fall/Spring: 08/30/2012 - 05/08/2013
Fall Only: 08/30/2012 - 12/12/2012
Spring Only: 01/14/2013 - 05/08/2013
NOTE: We will begin certifying loans for the 12/13 award year in July.
Summer: 05/15/2013 - 08/16/2013
Note: We will begin certifying summer loan applications in May 2013. Failure to
provide an accurate loan period on your application can result in a delay in